- The S&P 500 briefly traded above BTC and ETH last week.
- BTC and ETH maintained their prices above $35,000 and $1,800.
Over the past week, cryptocurrencies such as Bitcoin have appeared [BTC] and ether [ETH] moved independently of the S&P 500 and Gold. Has this trend continued into the new week, or is there a change?
Read Bitcoin’s [BTC] Price forecast 2023-24
S&P 500 trends over Bitcoin and Ethereum
This past week, the S&P 500 saw a significant increase, outperforming Bitcoin and Ethereum. According to Santiment’s trend analysis, the S&P 500 has risen more than 6% in just four days.
📊 The #SP500 then had a big week #Bitcoin & #Ethereum have cooled down. Now that the sectors are now each having their ‘time in the sun’, it will become clear next week whether #crypto is still tied to it #sharesor that assets can prepare for one #bullrun. https://t.co/R9moWBoqCx pic.twitter.com/FNddr1T8PM
— Santiment (@santimentfeed) November 4, 2023
As a result of this increase, stock prices surpassed the value of cryptocurrencies such as BTC and ETH. It also appeared that these cryptocurrencies were stabilizing after a period of strong price growth.
The recent rebound of the S&P 500 could be attributed to the latter Report of the Federal Open Market Committee (FOMC).. Notably, the report announced that the Federal Reserve would maintain its current interest rate for the second month in a row.
This decision has led to speculation that the Fed may have completed rate hikes. Consequently, this led to a notable increase in stock prices observed over the past week.
BTC and ETH prices follow stock prices
According to a trend chart analyzed by AMBCrypto, Bitcoin and Ethereum had led the S&P 500 in terms of their price movements. Despite the stock market being closed this weekend, BTC and ETH had surpassed their previous positions.
It remained uncertain whether stock prices will resume their upward trajectory when the market reopens, but cryptocurrency prices continued to rise during this period.
Source: Santiment
Bitcoin and Ethereum maintain an upward trend
On November 4, the daily timeframe chart indicated that Bitcoin had ended the trading session with a notable price increase of over 1%. At the time of writing, it was still trading with a slight price increase above $35,000.
Despite occasional declines, Bitcoin managed to keep its price within the $35,000 range. This was a key factor contributing to the uptrend against the S&P 500.
Source: TradingView
How much is 1,10,100 ETHs worth today?
Furthermore, an examination of Ethereum’s daily timeframe chart revealed an even more impressive performance. At the time of writing, Ethereum was trading with a significant price increase of over 2%, crossing the $1,800 mark.
The chart also indicated that Ethereum has been consistently trending upward for several consecutive days.
Source: TradingView
